证券代码：300783 证券简称：三只松鼠 公告编号：2025-051 三只松鼠股份有限公司 关于拟变更会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、拟聘任的 2025 年度会计师事务所：德勤华永会计师事务所（特殊普通合 伙）（以下简称"德勤华永"）。 2、已聘任的 2024 年度会计师事务所：大华会计师事务所（特殊普通合伙） (以下简称"大华所")。 公司于 2025 年 10 月 13 日召开第四届董事会第六次会议，审议通过了《关于 1 拟变更会计师事务所的议案》，同意聘任德勤华永为公司 2025 年度审计机构，并 同意将该议案提交公司股东会审议。具体情况如下： 一、拟聘任会计师事务所的基本信息 （一）机构信息 1．基本信息 （1）机构名称：德勤华永会计师事务所（特殊普通合伙）（以下简称"德勤 华永"） （2）成立日期：德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所 有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月经财 政部等部门批准转制成为特殊普通合伙企业。 （ ...

证券代码：300783 证券简称：三只松鼠 公告编号：2025-052 三只松鼠股份有限公司 关于召开 2025 年第一次临时股东会的通知 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》 等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 10 月 29 日 14:30:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 10 月 29 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2025 年 10 月 29 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 10 月 24 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第一次临时股东会 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2025-050 经董事会认真审议，认为拟变更会计师事务所的原因充分、恰当，符合公司 实际；德勤华永会计师事务所（特殊普通合伙）（以下简称"德勤华永"）在专业 胜任能力、投资者保护能力、诚信状况、独立性等方面能够满足公司对审计机构 的要求，具备为公司提供审计服务的经验与能力，同意聘任德勤华永为公司 2025 年度审计机构，聘期一年，不再续聘大华会计师事务所（特殊普通合伙）。本期 审计费用共计 226 万元，包含提供财务报告审计费用 191 万元和内部控制审计费 用 35 万元。 三只松鼠股份有限公司 第四届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 三只松鼠股份有限公司（以下简称"公司"）第四届董事会第六次会议于 2025 年 10 月 13 日上午以通讯方式召开。全体董事一致同意豁免提前三天发出本次董 事会会议通知。会议由董事长章燎源先生主持，会议应到董事 7 名，实到董事 7 名，公司高级管理人员列席了会议。本次会议出席人数、召开程序、议事内容均 符 ...

这是新消费智库第 2 6 9 3 期文章 新消费导读 1. 「瑞幸咖啡」 x 《猫和老鼠》打造奶皮子拿铁 2. 喜茶上新酱香白脱碎银子 3. 洽洽联名 奶龙推出成长坚果 4. 「盐津铺子」 x 「农心」联名打造辣白菜薯片 5. 「东鹏特饮」 x 「炫迈」打造联名口香糖 6. 让茶 芭乐油柑茉莉茶新品上市 7. 「元气森林」上新 1.8L 冰茶 8. 孙颖莎成为 OPPO 全球合作伙伴 9. 郑钦文成为霸王茶姬首位全球品牌代言人 10. 爷爷不泡茶推出下午茶系列新品 11. 蜜雪冰城收购 福鹿家啤酒 12. 周大生收购德国高端音响品牌 MBL 13. 旺旺上新旺仔蔬果牛乳 ...... 一周新品 1. 「瑞幸咖啡」 x 《猫和老鼠》打造奶皮子拿铁 图片来源：AI生成 近日 ，瑞幸咖啡 × 《猫和老鼠》联名推出「奶皮子拿铁」新品。据官方介绍，该产品灵感源自内蒙古传统奶食，选用锡林郭勒黄金奶源制成 的奶皮子风味奶底，搭配鲜萃咖啡液。奶香浓郁醇厚，奶布丁口感 Q 弹。 （ iBrandi 品创 ） 2. 喜茶上新酱香白脱碎银子 喜茶推出酱香白脱碎银子新品，宣称选用云南甜酱油与白脱（黄油）特调出酱香风味云顶，搭配碎银子 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 探索发现新经济。 将投中网设为"星标⭐"，第一时间收获最新推送 为何零食反而掀起一场反逻辑的价格热潮？ 作者丨 娅沁 来源丨 惊蛰研究所 如今在商场里面，"最贵"的不一定是奢侈品，而是炒货和蜜饯。 被网友调侃为"薛记珠宝店"的 薛记炒货，百元大钞仅能购得一份270克的蘑菇脆与不足200克的腰 果；香港蜜饯品牌"么凤士多"更为极致，其"贡品级"话梅单颗售价竟达70元，网友不禁反问："封 建帝国早都亡了，何来'贡品'之说？" 惊蛰研究所 . 人们猛然发现，曾经触手可及的、承载着平民快乐的日常零食，正在被包装成一种需要反复掂量 的"轻奢体验"。越来越多人直呼"吃不起零食了"。 在消费趋于理性的今天，为何零食反而掀起一场反逻辑的价格热潮？当一款零食"贵"的理由，只剩 下品牌方的自我定位，这种缺乏价值支撑的高价，便不再是健康的消费升级，而成为了需要被正视、 被治愈的"行业病"。 消失的"零食自由" 早年间，消费者挑选零食的理由很简单，也几乎没有什么"品牌"概念，好吃、划算就是复购的全部 理由。人们的购物篮里总是混杂着不同品牌，既有洽洽、徐福记这样家喻户晓的名字，更多则是 ...

如今在商场里面，"最贵"的不一定是奢侈品，而是炒货和蜜饯。 被网友调侃为"薛记珠宝店"的薛记炒货，百元大钞仅能购得一份270克的蘑菇脆与不足200克的腰果；香港蜜饯品牌"么凤士多"更为极致，其"贡品级"话梅 单颗售价竟达70元，网友不禁反问："封建帝国早都亡了，何来'贡品'之说？" 人们猛然发现，曾经触手可及的、承载着平民快乐的日常零食，正在被包装成一种需要反复掂量的"轻奢体验"。越来越多人直呼"吃不起零食了"。 在消费趋于理性的今天，为何零食反而掀起一场反逻辑的价格热潮？当一款零食"贵"的理由，只剩下品牌方的自我定位，这种缺乏价值支撑的高价，便不 再是健康的消费升级，而成为了需要被正视、被治愈的"行业病"。 消失的"零食自由" 早年间，消费者挑选零食的理由很简单，也几乎没有什么"品牌"概念，好吃、划算就是复购的全部理由。人们的购物篮里总是混杂着不同品牌，既有洽 洽、徐福记这样家喻户晓的名字，更多则是只被地方消费者所熟知的区域小牌，或是超市里散装称重的无牌炒货与蜜饯。那时买零食，"认口味不认牌 子"是普遍心态，随手挑选，也不必担心会被"刺"。 直到2010年前后，良品铺子、三只松鼠、百草味等零食巨头的崛起，才 ...

9月30日晚，中国证监会对三只松鼠、剑桥科技、均胜电子、三一重工境内企业境外发行上市予以确认，4家均为赴港上市企业。 1、三只松鼠 拟发行不超过81,548,274股境外上市普通股并在香港联合交易所上市。 三只松鼠经营休闲零食，目前拥有三只松鼠、小鹿蓝蓝两个品牌，产品包括坚果、烘焙食品、综合零食、肉制品和果干等。 财务方面，2022至2024年，三只松鼠营收分别为72.93亿元、71.15亿元、106.22亿元，相应的净利润分别为1.29亿元、2.2亿元、4.07亿元。 2、剑桥科技 拟发行不超过77,062,000股境外上市普通股并在香港联合交易所上市。 4月25日，三只松鼠向港交所递交招股书，申请香港主板上市。该公司已于2019年7月12日在A股上市。 4月28日，剑桥科技向港交所递交招股书，申请香港主板上市。该公司已于2017年11月10日在A股上市。 剑桥科技专注于电信宽带终端、无线网络设备、智能家庭网关及工业物联网产品的研发与生产，产品广泛应用于全球主流电信运营商网络和互联网数据中 心。 财务方面，2022至2024年，剑桥科技营收分别为37.84亿元、30.85亿元、36.5亿元，相应的净利润分别 ...

Core Insights - The gift market is experiencing a sales peak due to the overlap of the National Day and Mid-Autumn Festival, prompting supermarkets to initiate price reductions to attract customers [2][3] - The rise of hard discount supermarkets is notable, with major retail players like Wumart, Meituan, and JD entering the market, intensifying competition [4][5] Price Reduction Strategies - Supermarkets in the community are engaging in price wars, with stores like Wang Ge Supermarket and Da Zui Supermarket offering prices lower than competitors by 1-2 yuan, with specific examples such as a 24-pack of Wahaha AD Calcium Milk priced at 35 yuan [3][4] - Wumart has upgraded its hard discount stores and reduced prices on over 70 popular items in preparation for the holiday season [4] Market Trends - The hard discount supermarket sector is rapidly growing, with new brands and expansions announced, such as the launch of "Love Discount" by Three Squirrels and the opening of multiple stores by Wumart and Hema [5][6] - Community-focused retailing is becoming a key strategy, with many hard discount brands targeting local neighborhoods to capture market share [6][7] Competitive Landscape - Traditional supermarkets are also adapting to the competitive environment by enhancing their offerings and ensuring price stability during peak shopping periods [4][6] - Experts suggest that retailers need to focus on precise target audience identification, differentiated product offerings, and competitive pricing to maintain market relevance [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved snack manufacturer Three Squirrels Co., Ltd. for an initial public offering (IPO) in Hong Kong, clearing a significant regulatory hurdle for the company's listing process [3]. Group 1: IPO Details - Three Squirrels plans to issue 81.5 million shares through the IPO [3]. - The company submitted its preliminary prospectus to the Hong Kong Stock Exchange on May 9, indicating that if the listing is not completed by November 9, an updated prospectus must be submitted [3]. Group 2: Financial Performance - In the first half of the year, Three Squirrels reported revenue of 5.48 billion yuan, an increase of approximately 8% compared to the same period last year, which had revenue of 5.07 billion yuan [3]. - The company's net profit for the same period fell sharply by 52%, from 290 million yuan to 138 million yuan [3]. Group 3: Market Context - Three Squirrels is among the increasing number of Chinese companies listed on the Shanghai and Shenzhen stock exchanges seeking a secondary listing in Hong Kong to leverage global capital markets and enhance international visibility [3]. - The company's stock price on the Shenzhen Stock Exchange has declined by 35% year-to-date [3].